[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4887 Introduced in House (IH)]

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116th CONGRESS
  1st Session
                                H. R. 4887

To amend the Internal Revenue Code of 1986 to extend the energy credit 
                     for offshore wind facilities.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            October 28, 2019

  Mr. Pascrell (for himself and Mr. King of New York) introduced the 
 following bill; which was referred to the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to extend the energy credit 
                     for offshore wind facilities.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Incentivizing Offshore Wind Power 
Act''.

SEC. 2. EXTENSION OF ENERGY CREDIT FOR OFFSHORE WIND FACILITIES.

    (a) In General.--Section 48(a)(5) of the Internal Revenue Code of 
1986 is amended by adding at the end the following:
                    ``(F) Qualified offshore wind facilities.--
                            ``(i) In general.--In the case of any 
                        qualified offshore wind facility--
                                    ``(I) subparagraph (C)(ii) shall be 
                                applied by substituting `January 1 of 
                                the applicable year (as determined 
                                under subparagraph (F)(ii))' for 
                                `January 1, 2020',
                                    ``(II) subparagraph (E) shall not 
                                apply, and
                                    ``(III) for purposes of this 
                                paragraph, section 45(d)(1) shall be 
                                applied by substituting `January 1 of 
                                the applicable year (as determined 
                                under section 48(a)(5)(F)(ii))' for 
                                `January 1, 2020'.
                            ``(ii) Applicable year.--For purposes of 
                        this subparagraph, the term `applicable year' 
                        means the later of--
                                    ``(I) calendar year 2027, or
                                    ``(II) the calendar year subsequent 
                                to the first calendar year in which the 
                                Secretary, in consultation with the 
                                Secretary of Energy, determines that 
                                the United States has increased its 
                                offshore wind capacity by not less than 
                                3,000 megawatts as compared to such 
                                capacity on January 1, 2020.
                        For purposes of subclause (II), the Secretary 
                        shall not include any increase in offshore wind 
                        capacity which is attributable to any facility 
                        the construction of which began before January 
                        1, 2020.
                            ``(iii) Qualified offshore wind facility.--
                        For purposes of this subparagraph, the term 
                        `qualified offshore wind facility' means a 
                        qualified facility described in paragraph (1) 
                        of section 45(d) which is located in the inland 
                        navigable waters of the United States, 
                        including the Great Lakes, or in the coastal 
                        waters of the United States, including the 
                        territorial seas of the United States, the 
                        exclusive economic zone of the United States, 
                        and the outer Continental Shelf of the United 
                        States.
                            ``(iv) Report on offshore wind capacity.--
                        On January 15, 2026, and annually thereafter 
                        until the calendar year described in clause 
                        (ii)(II), the Secretary, in consultation with 
                        the Secretary of Energy, shall issue a report 
                        to be made available to the public which 
                        discloses the increase in the offshore wind 
                        capacity of the United States, as measured in 
                        total megawatts, since January 1, 2020.''.
    (b) Effective Date.--The amendment made by this section shall apply 
to periods after December 31, 2016, under rules similar to the rules of 
section 48(m) of the Internal Revenue Code of 1986 (as in effect on the 
day before the date of the enactment of the Revenue Reconciliation Act 
of 1990).
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